东威科技（688700）：CoWoP搭配HDI带动高端电镀设备需求，设备龙头有望充分受益

Investment Rating - The report maintains an "Accumulate" rating for Dongwei Technology (688700) [1] Core Views - The demand for high-end electroplating equipment is expected to increase due to the CoWoP technology combined with HDI, positioning the company to benefit significantly [7] - The company is well-positioned to capitalize on the growth in HDI electroplating equipment demand, supported by its advanced technology and product offerings [7] Financial Forecasts - Projected total revenue (in million RMB) for 2023A is 909.23, with a decline of 10.13% year-on-year, and is expected to rise to 1,266.38 by 2027E, reflecting a growth of 11.45% [1] - The forecasted net profit attributable to the parent company (in million RMB) is 151.43 for 2023A, with a significant drop of 29.01% year-on-year, expected to recover to 224.36 by 2027E, showing a growth of 21.48% [1] - The latest diluted EPS is projected to be 0.51 for 2023A, increasing to 0.75 by 2027E [1] - The current price-to-earnings ratio (P/E) is 94.25, with future projections of 206.03 for 2024A, decreasing to 63.61 by 2027E [1] Market Data - The closing price of the stock is 47.83 RMB, with a market capitalization of 14,272.54 million RMB [5] - The stock has a price-to-book ratio of 8.15 and a one-year price range of 16.95 to 51.00 RMB [5] Key Technologies and Market Trends - The CoWoP process is emerging as a mainstream packaging technology, simplifying processes and reducing transmission losses, which is crucial for the PCB industry [7] - The MSAP and SAP processes are identified as key technologies for achieving HDI, driving the demand for high-value electroplating equipment [7] - The company’s horizontal electroplating equipment is validated by leading customers, indicating a promising domestic replacement trend [7]